Friday 1 July 2011

BERKELEY MINERAL RESOURCES SET TO ACQUIRE A MAJORITY STAKE IN LUANSHYA COPPER TAILINGS TO FURTHER EXPAND ITS PRESENCE IN A FAVOURED INTERNATIONAL MINING DESTINATION

BERKELEY MINERAL RESOURCES IS SET TO ACQUIRE A MAJORITY STAKE IN THE LUANSHYA COPPER TAILINGS TO FURTHER EXPAND ITS PRESENCE IN A FAVOURED INTERNATIONAL MINING DESTINATION.
THE AIM LISTED TAILINGS PROCESSING COMPANY REVEALED YESTERDAY MORNING THAT IT HAD ENTERED A SHAREHOLDERS’ AGREEMENT TO BUY A 76 PERCENT INTEREST IN THREE LUANSHYA COPPER TAILINGS FROM NG'WENA MINING RESOURCES FOR $6 MILLION.
THE ANNOUNCEMENT FOLLOWED THE COMPLETION OF THE EXCLUSIVITY PERIOD GRANTED TO BERKELEY BY THE MEMORANDUM OF UNDERSTANDING SIGNED BY THE TWO COMPANIES IN MAY.
THE DEAL WILL BE FINALIZED AFTER BERKELEY RECEIVES THE REMAINING INFORMATION FROM NG'WENA TO COMPLETE DUE DILIGENCE.
THE THREE DAMS, OLD DAM, CHONGA DAM AND AKATITI DAM, CONTAIN TAILINGS FROM THE FORMERLY OPERATING ROAN ANTELOPE COPPER MINE. THE PROJECT IS LOCATED JUST 90 MILES NORTH OF THE KABWE LEAD-ZINC-SILVER MINE, WHERE BERKELEY HAS JUST SNAPPED UP THE REMAINING TAILINGS.
BERKELEY WILL PAY NG'WENA $1.25 MILLION ON COMPLETION OF THE SALE AND THE REMAINING $4.25 MILLION IN 2012.
A REPORT PREPARED IN COMPLIANCE WITH THE GLOBALLY RECOGNIZED JORC STANDARD IN 2008 ESTIMATED THE INDICATED RESOURCE AT THE THREE DAMS AT LUANSHYA AT 162 MILLION TONNES (MT) OF TAILINGS MATERIAL GRADING 0.24 PERCENT COPPER, CONTAINING 380,700 TONNES OF COPPER.
MEANWHILE, BERKELEY IS PLANNING TO PREPARE THE KABWE TAILINGS FOR PROCESSING TO SELL THEM ON WORLD MARKETS AND INVESTORS ARE WAITING FOR A NEW JORC COMPLIANT RESOURCE STATEMENT FOR KABWE, WHICH SHOULD BE AVAILABLE BY THE END OF THE CURRENT MONTH.


published by augustine

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